Cot to vat scheme

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2012 A COT dealer would shift to VAT scheme say w.e.f 01.04.2012 under the Karnataka VAT Act. There is closing stock of about 25 lakhs on that date.

Query: Once you change over to VAT scheme is there any adjustment required to the closing stock as the same is tax inclusive (as VAT cannot be claimed as input under COT scheme)?

Is the dealer eligible to claim the VAT input on the value of the closing stock he has as stock in hand? Please provide relavent section / rules in this specific regard.

Thank U

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2012 For the benefit of all user of CAclubindia.. under karnataka VAT rules 2005, rule 146 provides for the claim of input tax to the dealer registered under COT scheme to VAT scheme..

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